Wells Fargo & Co. has reportedly cut hundreds of workers of its mortgage unit as interest rates dry up home refinancings across the U.S., which cited people close to the situation who asked not to be identified.
Wells Fargo did not file a WARN notice with the state, California Employment Development Department officials told me, which it normally would have been required to do had the bank laid off more than 50 people from its headquarters or other locations in the state. The latest reductions in the bank’s mortgage unit add to thousands of cuts already made by Wells Fargo this year, according to Bloomberg,on the bank's plans to shrink its mortgage empire. The company — which is the biggest home lender among U.S. banks — had by then signalled a slow retreat in the mortgage business, abandoning its previous strategy of seeking to be the biggest in the industry.."We won’t be as large as we were historically.
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